- Published: 16 November 2023 16 November 2023
The UK government has increased the maximum price for offshore wind projects in its renewables scheme. The government has raised the maximum price offshore wind and other renewables projects can receive in the next Contracts for Difference (CfD) auction to ensure it is performing effectively.
The CfD scheme ensures renewable energy projects receive a guaranteed price from the government for the electricity they generate, encouraging continued investment in the UK. The maximum strike price has been increased by 66% for offshore wind projects, from £44/MWh to £73/MWh, and by 52% for floating offshore wind projects, from £116/MWh to £176/MWh ahead of Allocation Round 6 (AR6) next year. In AR6, offshore wind will also be given a separate funding pot in recognition of the high number of projects ready to participate.